CPI Inflation

The monthly CPI indicator suggested that consumer price inflation picked up 0.4ppts to 4.0% YoY in May 2024, which is somewhat more than the 3.8% increase pencilled in by the market consensus. This is the highest level of consumer price inflation implied from the monthly CPI indicator since November 2023. Annual trimmed mean inflation rose 0.3ppts to 4.4%, the highest level in six months.

The monthly CPI indicator suggested that the annual rate of consumer price inflation picked up 0.1ppts to 3.6% YoY in April, against the market expectations of a 0.1ppts decline to 3.4%.

The headline CPI (unadjusted) rose 1.0% in Q1 2024, more than the 0.8% pencilled in by the market consensus and the 0.6% rise in the previous quarter.

The monthly CPI indicator was up 3.4% YoY in February, same as in January. This came against the market expectations of a slight 0.1ppts uptick to 3.5%.

The monthly CPI indicator was up 3.4% YoY in January, slightly less than the 3.6% consensus expectation and the same as in December. Annual trimmed mean inflation, which is the RBA’s favoured measure of underlying inflation, declined 0.2ppts to 3.8%, still above the target band but the lowest since March 2022.

The headline CPI (unadjusted) rose 0.6% in Q4 2023, taking the annual rate of inflation 1.3ppts lower to 4.1% unseen in two years. Trimmed mean CPI, the RBA’s favourite underlying price gauge, rose by 0.8% QoQ, to be 4.2% up through the year. These figures surprised market analysts, who expected headline and trimmed mean inflation to be at 4.3%.

The monthly CPI indicator was up 4.3% YoY in November (exp. 4.4%). This was down 0.6ppts from October and is the smallest annual increase since January 2022.